Boston is expecting between 10 and 18 inches of sea-level rise by 2050, increasing the risk of both major coastal storms and more frequent flooding along the city’s 47 miles of coastline. Without additional protection, the U.S. Army Corps of Engineers estimates that Boston could experience more than $54 billion in damages by the end of the century.
Boston has already developed flood-protection plans for every coastal neighborhood, with more than district scale projects planned at 20+ at high priority sites. The challenge is funding them. Protecting the city’s coastline is expected to require more than $10 billion in investment. We need a durable strategy for sharing costs among federal, state, city, and private partners.
The Coastal Resilience Financial Blueprint is creating a practical path to fund and finance this work. The GRC is assessing the total cost and benefits of Boston’s planned resilience projects, quantifying the funding gap, evaluating potential revenue and financing options, and developing recommendations for the governance structures needed to support implementation.
This work also positions Boston to maximize a once-in-a-generation federal funding opportunity. The City of Boston is currently partnering with the US Army Corps of Engineers on a Coastal Storm Risk Management project. Once this project is complete, Boston will be eligible for substantial Federal funds to support coastal resilience. If appropriated, the U.S. Army Corps of Engineers would fund up to 65% of eligible project costs. Boston, however, must provide at least a 35% local match, secure easements and public support, and fund additional improvements that create broader public benefits. The Financial Blueprint will help define how Boston can meet the match in a fair, equitable, and transparent way. The Financial Blueprint will also include a strategy for making the necessary resilience investments without Federal funds given the uncertainty of the appropriations process.
The GRC is working with the City of Boston, major coastal property owners, neighborhood and civic organizations, and an Advisory Task Force to build broad support for a path forward. The project is led by a globally experienced consultant team comprising Arcadis, Throwe Environmental, EY, and the Consensus Building Institute. Together, the team is developing a financial strategy that protects Boston while creating a safer, more accessible, and more vibrant waterfront.
For questions about the Coastal Resilience Financial Blueprint or opportunities to participate, contact Rebecca Herst, Associate Director and Director of Climate Resilience, at rebecca@greenribboncommission.org.
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